Right now homes are going up in price in Las Vegas.
Anything that is priced close to market is selling very rapidly and most homes are getting multiple offers over list price. We have a shortage of homes on the market and with low interest rates buyers are creating a high demand. We also have a lot of large hedge funds buying hundreds of homes in Las Vegas just to rent them out for cash flow.
The million dollar question is whether we can sustain this price appreciation. I attended a luncheon yesterday where a real estate attorney stated that over 14% of people in Las Vegas are more than 90 days late on their mortgage and I also heard there are over 80,000 vacant homes that are in some stage of foreclosure but haven’t hit the market yet.
I have also attended meetings with where major bank executives have spoken saying they plan on pushing more short sales for people in default and that they know prices are going up so they don’t want to release a lot of inventory at once. So if all this is true I think we will have more inventory hit the market at some point but not a flood of homes at once.
We need to slowly let the air out of this bubble. We have too many buyers struggling to find housing. It’s a double edge sword, we need homes for buyers, but at the same time sellers need equity to sell. It seems as though we are constantly trying to find that balance in our market. One thing I am fairly certain of is prices have come back and should continue for the next few months, making it a good time to sell if you have been thinking about it
Cell Phone: 702-460-2712
Office Phone: 702-866-9226
Hello, My name is Robert "Bob" Little . I am the team leader for the Little Group of Remax Advantage. We strive for the utmost integrity and customer service in helping people buy or sell their home. I have been licensed as a Realtor since 2007, and personally sold over 500 homes.